All Forum Posts by: John Norman
John Norman has started 0 posts and replied 27 times.
Post: In a terrible situation, what should I do?
- Realtor
- Richmond, VA
- Posts 30
- Votes 16
@Mike Schoeffel sorry to hear what you are going through. I am in Richmond as well with buying/selling/investing and I can look through what you have and see what solutions there may be. Ill shoot you a PM
Post: Need Help looking for a title company for wholesaling in Virginia
- Realtor
- Richmond, VA
- Posts 30
- Votes 16
Quote from @Jairo Canas:
Does anyone know a good title company that’s works with wholesalers in Northern Virginia?
Thank you!
@Tom Gimer with Eastern Title
Post: House Hacking is Incredible
- Realtor
- Richmond, VA
- Posts 30
- Votes 16
Quote from @Kevin C.:
I am horrible at actually making time in the work week to do these things. But can you add me to the list or Facebook group please? Would love to meet up with the group
Absolutely. We meet 3rd Thursdays from 6:30-9 at the Mission Realty building near Cox/Broad
DM me your contact info and I will get you on the email list and add you on FB once we get the FB Group finalized
Post: REI Opportunities in Richmond, VA
- Realtor
- Richmond, VA
- Posts 30
- Votes 16
Welcome,Tia! Local Richmond investor and Realtor here. There are awesome pockets in and around RVA and depending on what type of investing you are looking for, I can point you in the right direction.
We have experience great growth. The DC money has moved down our way for remote work, but only a 90min train ride back to DC. Growth is still happening and our market hasn't dipped with the higher interest rate. Simply lack of inventory.
STRs are starting to be cracked down in Richmond and is currently going through legislation. I foresee a crackdown and zoning permits. Some of the surrounding counties are more lenient, but days could be numbers. I have pivoted mine to MTR or LTR options.
Feel free to DM me anytime or if you need to hop on a phone call.
Post: House Hacking is Incredible
- Realtor
- Richmond, VA
- Posts 30
- Votes 16
Atta boy! Im in RVA as well with creative investment strategies and a Realtor. I wish I could go back into my 20s and house hack. The potential to put down 3.5%, have roommates pay the mortgage for me, and start building equity is the way to go!
I have a group formed in Richmond that we are growing that meets on the 3rd Thursday of each month in Innsbrook. We have a guest speaker each meeting that will have a 30-45 min presentation and Q&A afterwards, followed by 90 minutes of networking with each other.
Had 30 people on Thursday! We want to grow the group to anyone interested in investment real estate.
Creative finance educators, PML, EMD lenders, wholesalers, end buyers, contractors, Realtors, and simply anyone wanting to learn!
We are creating a Facebook group and will have FB invites for that months meeting/details. (I'll make a separate post on the BP message board that will be strictly for the monthly Thursday meetups). Feel free to DM me
I will be the "guest" speaker next month and will be teaching the basic strategies of creative financing (subject-to, lease options, novations, wraps, seller financing, etc).
"Your network is your net worth"
Post: Virginia Real Estate Investor Groups
- Realtor
- Richmond, VA
- Posts 30
- Votes 16
There are numerous around the state. There is a good one in Williamsburg you should get to know and Richmond has a few of them. I have some great REI contacts I can put you in touch with.
Are you a buyer or deal finder?
Post: Creative Finance Hybrid solution with VA loan
- Realtor
- Richmond, VA
- Posts 30
- Votes 16
Quote from @Tyler Eastridge:
Hello,
I have a friend who is trying to sell his house quickly to move to a different city with his wife and kids. He currently has a 2.8% interest rate with about 232K left on the mortgage. The mortgage is a VA loan. I wanted to get some insight on whether it is possible to take over the property partially subject-to and partially seller finance or a lease option since I know VA loans have a few more stipulations than normal conventional loans. There is about at least 100k in equity and is in an up and coming part of town. Thank you!
To answer your question, yes, you can take a VA loan sub-to and seller can seller finance any equity balance.
However, the sellers VA entitlement would be stuck with the house, so make sure that the seller isn't planning on needing to use their full VA entitlement for another purchase. Entitlement is typically the only hang up with VA sub-to deals
Post: Who's doing MTRs in Richmond?
- Realtor
- Richmond, VA
- Posts 30
- Votes 16
Quote from @Allen Duan:
Hello, I'm new the the Richmond market and doing some research into the MTR demand and rates. If you have a MTR in Richmond, I'd love to hear from you.
Specifically, I'm looking to learn:
-How much demand there is for MTRs. Does demand lean toward smaller properties vs larger?
-Who are the most common tenants looking for MTRs? Travel nurses, insurance placements, etc
-What rates are typical for a 1 bedroom, 2 bedroom, 3 bedroom property?
I manage MTRs is Los Angeles and I'm happy to answer any questions you may have about MTRs in general or the LA market in particular.
Thank you!
@Allen Duan, I am in the process of likely turning in a LTR into a MTR. I am a local Realtor and there is a need for 4+ bedroom homes for MTR for clients moving here and need 3-6 month stays while they build/search for a home to buy. Those clients are willing to pay upwards of $5,500 per month for something all inclusive and flexible with move in/out. I am going to attempt to market it unfurnished to see if I get any bites, but can furnish it in a week if needed.
The travel nurse demand has diminished quite a bit, but there is still a need if its a 1-2 bedroom home super near hospitals. However, with home values, the ROI doesn't make sense for those small homes. What is perfect for Nurses are homes that have a separate ADU. That would be the play here.
Reach out with any questions or need local knowledge.
Post: Referral for a reliable property manager in Richmond
- Realtor
- Richmond, VA
- Posts 30
- Votes 16
Quote from @Kevin C.:
I've worked with three PM's in Richmond and also manage some myself as well. There are pros and cons to each. But I have found that no one cares as much about your properties as you do (for better or worse). Let me know if you'd like to chat
Agree with what Kevin said above. I self manage mine and a few clients properties.
Post: looking for right solution to manage my single family home from out of state.
- Realtor
- Richmond, VA
- Posts 30
- Votes 16
Quote from @Vladimir Del Valle:
Quote from @John Norman:
Quote from @Vladimir Del Valle:
Hello. I already got a property manager for my 4 bedroom 2.5 bath single family home, but their fees are quite high and communication could be better.
We also use American homeshields (price increase from 500-980$ this year) for our appliances. We had good and some very bad experiences with them when it comes to fine prints and we end up doing a cash payout. All this options cut into my profits and and AHS cost me a lot of nerves ;-)
I do already manage our other property in Miami since we are close by and I learned a lot ;-) . I handle rent collecting, tenant screening gets done with the support of a friend/realtor incl advertisement. I do manage maintenance request and HOA . Also use AHS..still looking to replace them though as they get very expensive.
With the help of rentredi I could cut my cost for VA, but still need someone reliable to go in to fix certain things when they are needed. I already dealt with contractors in that area from a tenant perspective and unfortunately most prefer insurance claims, which cuts into their availability to manage a single family home. How to I get the right guy?Handymen service? Full service property manager? A list of contacts and pray I get the right guy and learn as I go?
We are building our portfolio up and plan on doing long term and midterm rental, so we need someone reliable.
Is this property in Central Virginia? I am in Richmond and self manage our local properties, but also have a great relationship with a great local property management company. Best in the area!
Reach out and let me know how I can provide local relationships and get you in the right direction.
Hello John, the property is in Chesterfield. My husband currently is responsible for the home. I will take over soon and started to do some research via Thumptack as I most likely will discontinue service with AHS. I am in need of a trusted Handymen/property manager that can be my eyes and ears on the ground when it comes to showing the place next year or getting it ready for the new tenant. I also could use contacts for electric/plumbing and a HVAC. I have some experience in the area and they where not always the best to be honest. Have you ever used a service like AHS or Latchel(mentioned on rent ready?) BBB reviews for both are horrible from a landlord point of view and I wasnt able to find much other then google reviews which are not always trustworthy.
AHS (and most home warranties) has not been useful in my past, nor my clients past. They send out their servicers to bandaid the problem over and over and over, until you ***** enough that they are forced to fix. It's only worth it for maybe an older HVAC heat pump system.
The only warranty company I have any faith in is CINCH, and thats because the local rep is great. If she were to ever leave, then I'd give up completely on all home warranty company.
I have a few handyman contacts in the Chesterfield area. Your biggest problem is going to be getting expedited help b/c all good contractors have a backlog. You'll need to schedule work 1-2 months ahead of time.
With me being a Realtor and heavily involved in rentals, I'll be glad to point you in the right direction and help with finding a good tenant. Reach out and let me know how I can help!